Global Governance of Financial Systems: The International Regulation of Systemic Risk
Kern Alexander, Rahul Dhumale, and John Eatwell
Abstract
This book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial systems. The book defines global governance of financial systems to involve three main principles: effectiveness in devising efficient regulatory standards and rules; accountability in decision-making structure and c ... More
This book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial systems. The book defines global governance of financial systems to involve three main principles: effectiveness in devising efficient regulatory standards and rules; accountability in decision-making structure and chain of command; and legitimacy, meaning that those subject to international regulatory standards have participated in some meaningful way in their development.
Keywords:
international financial regulation,
risk,
managing risk,
accountability,
governance structure,
regulation,
global financial systems
Bibliographic Information
| Print publication date: 2005 |
Print ISBN-13: 9780195166989 |
| Published to Oxford Scholarship Online: September 2007 |
DOI:10.1093/acprof:oso/9780195166989.001.0001 |
Authors
Affiliations are at time of print publication.
Kern Alexander, author
The Judge Institute, University of Cambridge
Author Webpage
Rahul Dhumale, author
John Eatwell, author
Queens College, Cambridge
Author Webpage
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